Location: Harrison County, TX | Metro: Harrison County, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
The Fair Market Rent (FMR) for ZIP 75688 in fiscal year 2024 is set at $1100. However, this figure must be scrutinized against the realities of the local real estate and rental markets. Here we address common concerns raised by investors.
Objection 1: Will FMR $1100 cover the mortgage on a home in ZIP 75688?
The data from Zillow indicates that there are currently 7 homes listed for sale in ZIP 75688. While the average home price is not directly provided, it's important to note that covering a mortgage with an FMR of $1100 depends significantly on the cost of the property and the interest rates. If the average home price is above a certain threshold, it may not be feasible to cover the mortgage solely with the FMR. Investors should calculate their mortgage payments based on the specific property value and prevailing interest rates.
Objection 2: Is there enough renter demand at the given FMR?
Trulia reports 681 rental properties available in ZIP 75688, indicating a robust rental market. The presence of numerous rental options suggests strong demand among potential tenants. However, the exact percentage of demand at the FMR level of $1100 is not specified. To determine if this FMR aligns with the demand, investors should look into local rental trends and occupancy rates to ensure that the FMR is competitive and attractive to renters.
Objection 3: Will vouchers keep pace with market rents in ZIP 75688?
A report from section8search.org highlights the importance of voucher utilization rates in maintaining affordability. While the article does not specifically mention ZIP 75688, it underscores the need for housing authorities to have high voucher utilization rates. In ZIP 75688, it's crucial to assess whether the local housing authority maintains a similar high rate of voucher utilization. This ensures that the number of vouchers issued matches the demand, thereby helping to cover market rents. Without specific data on ZIP 75688's voucher utilization rate, it's challenging to make a definitive statement.
In conclusion, while the FMR of $1100 provides a benchmark for rental pricing, it is essential to consider the broader context of property values, rental demand, and voucher utilization rates. Investors should conduct thorough research and analysis to make informed decisions regarding their investments in ZIP 75688.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.